Earnings Per Share

12 Months Ended

Dec. 31, 2016

The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders:



	For the Years Ended December 31,
	2014		2015		2016
Numerator
Net income (controlling interest)	$	433.9	$	509.5	$	472.8
Interest expense on convertible securities, net of taxes	15.2		15.3		15.5
Net income (controlling interest), as adjusted	$	449.1	$	524.8	$	488.3
Denominator
Average shares outstanding (basic)	55.0		54.3		54.2
Effect of dilutive instruments:
Stock options and restricted stock	1.2		0.7		0.6
Forward sale agreement	0.0		—		—
Junior convertible securities	2.2		2.2		2.2
Average shares outstanding (diluted)	58.4		57.2		57.0

Average shares outstanding (diluted) in the table above exclude the anti-dilutive effect of the following shares:



	For the Years Ended December 31,
	2014	2015	2016
Stock options and restricted stock units	0.0	0.0	0.6
Junior convertible securities	0.4	—	—

As discussed further in Note 21, the Company may settle portions of its Affiliate equity purchases in shares of its common stock. Because it is the Company’s intent to settle these potential repurchases in cash, the calculation of diluted earnings per share excludes any potential dilutive effect from possible share settlements.